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Daily Markets - June 21, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-06-21 16:29:48 (Time Zone: UTC)


Indian benchmark equity indices made a smart recovery from the opening lows to end in the positive on June 21. The Nifty opened sharply lower but after making an intra day low in the first few minutes of trade, started to rise gradually through the day with minimum intermittent correction. At close the Nifty settled with a gain of 63 points, or 0.40 percent, at 15,746.50. Indian market was the best performer in the Asian region for the day.

Volumes on the NSE were much below recent averages, reflecting disinterest in the largecap space even in the wild swings. Among sectors, Realty, Power & Oil & Gas rose the most while IT and Auto fell the most. Mid and small-caps outperformed their larger peers, as the BSE Midcap index closed 0.82 percent higher while the BSE Smallcap index finished with a gain of 0.83 percent.

Global stocks dropped to a four-week low on Monday after last week's surprise hawkish shift by the U.S. Federal Reserve reduced the allure of riskier assets, while the dollar held gains and stood near a 10-week high. Asian markets skidded on Monday, with Japan's Nikkei 225 index down 3.3%, after a selloff Friday on Wall Street gave the S&P 500 its worst weekly loss since February. European stocks opened lower but bounced up to trade with nominal gains.

Nifty showed another spectacular recovery from the opening lows after a similar show on Friday. Lack of large volumes on such days reflect that only fringe players are getting panicky and action otherwise keeps rotating among stocks - both large and midcaps. While rising however indices may be slow in the absence of positive triggers. Nifty seems to have made a minor bottom in the 15451-15505 band. On rises 15770-15812 could be the resistance in the near term.


Source: Equity Bulls

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